3 ways the budget will affect recruitment
With the recent budget announcements fresh in everyone's minds, many will be wondering how they will affect the nature of recruitment over the coming year.
So far, there has been plenty of talk on how the budget will shape the business landscape in Australia throughout the year, with a couple of points providing good news for those looking to recruit. However, there are also challenges as some skill gaps still require viable solutions.
1. Small businesses set to benefit
A number of new initiatives are set to help small to medium enterprises (SMEs) recruit staff, with these plans making some of the processes much simpler. It's important for SMEs to be included in these programs as they make up a large of the business landscape. According to the Australian Chamber of Commerce and Industry, there are nearly two million of them scattered around the country.
One of the major changes for SMEs is the introduction of a consolidated wage subsidy program. This allows businesses to subsidise part of an employees wage, provided they meet certain criteria.
The Jobactive youth wage subsidy includes candidates between the ages of 15 and 29, while the Restart subsidy assists older workers.
2. New jobs will be created
This is great news for industries struggling to attract workers, as the government has pledged to create jobs in a select number of industries.
To do this, the government will provide funding for investments that are likely to attract jobs within a variety of sectors, including resources and energy, infrastructure, tourism, agribusiness, food and advanced manufacturing.
Companies active in these areas need to be aware of this job push, as it could provide a notable boost to business productivity as more staff become available for these positions.
3. Investment to reduce skill gaps
The government is set to focus on reducing skill gaps affecting Australian businesses. This is mostly in the fields of science, technology, engineering and mathematics (STEM).
There are investments planned, with the government setting aside $70 million for a selection of scientific research organisations, according to the Minister for Industry and Science Tom Macfarlane.
"The Government is making strategic, targeted and smart investments in Australia's science and research capacity," he said.
"As Australian manufacturing and industry transition into a new phase, the Government is putting science at the centre of industry to identify and seize new jobs and new opportunities in the rapidly changing global economy."